Banks are to suffer from a further deterioration in investment banking revenues, with last month's 23% drop in global fee pool being just the start of their woes, a downbeat report from Credit Suisse has predicted.

Worldwide investment banking fees totalled $3bn (€2.3bn) in January, according to Dealogic, down from nearly $4bn last year. However, Credit Suisse analysts warned that revenues are likely to deteriorate further this year.